US activist investor takes 8% stake in Trinity Mirror

LONDON – Harris Associates, the investment fund that played roles in the Saatchi & Saatchi coup and Vincent Bollore's stakebuilding in Aegis, has turned its attention to Trinity Mirror.

It emerged yesterday that Harris is now the third-largest investor in the Daily Mirror publisher, with an 8.11% shareholding.

Harris has been steadily buying Trinity Mirror shares since mid-November, when it was revealed that it had bought 3.1% of the company.

Speculation surrounding the group, headed by chief executive Sly Bailey, is that it would be worth more to investors if its national and regional newspaper divisions were split into separate companies.

Trinity Mirror shares climbed almost 2% yesterday and were up this morning up by 0.17% to 590.5p.

Harris is known for putting pressure on companies to get more value for investors and is currently engaged in a campaign to get US newspaper group Knight Ridder to put itself up for sale. Harris owns 8.2% of Knight Ridder, the owner of the Miami Herald and the Philadelphia Inquirer among 32 titles.

In 1994, Maurice and Charles Saatchi were pushed out of Saatchi & Saatchi thanks to pressure from Harris, and last year Aegis chief executive Robert Lerwill's life was made more complicated when Harris sold its Aegis shares to French investor Vincent Bollore.

Bollore now owns 25% of Aegis and is believed to have designs on merging Aegis' media operations with those of French advertising group Havas, of which he is chairman.

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